For Paris 2024, Fanatics and the IOC are teaming up to build an Olympic e-commerce platform
With the Olympics rapidly approaching, licensed merchandise powerhouse Fanatics has begun collaboration with the International Olympic Committee (IOC) to develop the first-ever permanent e-commerce site for the Olympic Games. With this innovative platform, Fanatics will develop an official Olympic Shop and connect marketplaces for Paris 2024. Not only will this feature be for Paris but also for Milano Cortina 2026, and Los Angeles 2028. This isn’t all; this company also has the right to produce Olympic-branded merchandise for all three events, as well as earlier ones.
Individual organizing committees have traditionally been in charge of the official web retailers at the Olympics. These spectacular marketplaces are always in production for the run-up to every event. As the excitement for each died down as well as the Olympic flame they were subsequently decommissioned. With each marketplace, there has been no steady strategy and little global reach. There also has been little knowledge sharing, and even the capacity to use consumer data as part of a larger interaction plan has been small. This isn’t all; it’s also been noted that, as compared to traditional shopping, online shopping is used as a backup option.
A new opportunity
As it pursues its direct consumer strategy with initiatives such as the Olympic Channel, the IOC considers that this outdated model is no longer acceptable. They now have the opportunity to connect with customers in between games. Whilst making relationships they can simultaneously generate revenue and obtain vital data by taking charge of the operations. This is an exciting debut since fans from a number of areas will be able to purchase official Olympic products. Along with purchasing they can engage with the spirit of the Olympic Games in advance of each edition.
Fanatics can reach a larger audience by collaborating on this new shop with the organizing committees of Paris 2024, Milano Cortina 2026, and Los Angeles 2028. Not only that, but they can sell memorabilia and merchandise that reflect the Olympic principles.
Except for Russia and China, the Olympic Shop is presently available in a limited number of markets. However, fans won’t have too long to wait as it will be available globally by summer 2022. Not only that, but the IOC has a separate e-commerce agreement with Chinese technology firm Alibaba, which also supplies cloud services to the organization. Soon we see more than just official merchandise. There are rumors of additional products, such as trading cards and NFTs which could be provided in the near future.